-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Ro9IgpoNLEP6fUbUqhmZv7sebCzavWvufhBloNJYEHi9tGFi0kLXFsX3MxF6+Hux +8+tIfZAFhhUlHOcj7P/OA== 0000072741-95-000030.txt : 19950531 0000072741-95-000030.hdr.sgml : 19950531 ACCESSION NUMBER: 0000072741-95-000030 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19950526 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST UTILITIES CENTRAL INDEX KEY: 0000072741 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 042147929 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 35-CERT SEC ACT: 1935 Act SEC FILE NUMBER: 070-08507 FILM NUMBER: 95542721 BUSINESS ADDRESS: STREET 1: 174 BRUSH HILL AVE CITY: WEST SPRINGFIELD STATE: MA ZIP: 01090-0010 BUSINESS PHONE: 2036655000 MAIL ADDRESS: STREET 1: 107 SELDON ST CITY: BERLIN STATE: CT ZIP: 06037-1616 35-CERT 1 COE, INC. QTRYLY RPT FILING UNDER RULE 24 OF 35 ACT UNITED STATES OF AMERICA SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Application of Northeast ) ) CERTIFICATE PURSUANT TO Utilities, Charter Oak Energy ) RULE 24 UNDER THE PUBLIC ) UTILITY HOLDING COMPANY ACT Inc. and COE Development ) OF 1935 ) Corp. on Form U-1 ) ) (File No. 70-8507) ) Pursuant to the requirements of Rule 24 under the Public Utility Holding Company Act of 1935, Charter Oak Energy, Inc. ("Charter Oak"), a wholly-owned subsidiary of Northeast Utilities ("NU"), a registered holding company, hereby files this quarterly report as required by the Securities and Exchange Commission's supplemental order authorizing preliminary development activities and financing related to such activities and to acquisitions of interests in exempt wholesale generators ("EWGs") and foreign utility companies ("FUCOs") by Charter Oak (HCAR. No. 26134, September 30, 1994, File No. 70-8062 and HCAR. No. 26213, December 30, 1994, File No. 70-8507). (1) BALANCE SHEET AS OF MARCH 31, 1995: Attached as Exhibit A. (2) INCOME STATEMENT FOR THE QUARTER ENDED MARCH 31, 1995: Attached as Exhibit B. (3) GENERAL DESCRIPTION OF THE ACTIVITIES OF CHARTER OAK FOR THE QUARTER ENDED MARCH 31, 1995, AND OF THE PROJECTS IN WHICH CHARTER OAK OR ITS SUBSIDIARIES HAVE AN INTEREST: During the first quarter of 1995, pursuant to the permission granted by the Commission in the September 30, 1994 (HCAR. No. 26134) and December 30, 1994 (HCAR. No. 26213) orders, Charter Oak, through its wholly-owned subsidiary COE Development Corporation ("COE Development"), has participated in preliminary development activities for EWGs and FUCOs. These activities have been performed by COE Development both on its own and with unaffiliated third parties. On December 30, 1994 the Commission authorized NU to make investments in Charter Oak, and Charter Oak to make investments in COE Development, in the amount of up to $200 million, through December 31, 1996, for preliminary development activities and for acquisitions of interests in EWGs and FUCOs. This authorization includes preliminary development of domestic projects as well as investments in EWGs and FUCOs. COE Development is engaged in constructing a 114 MW natural gas-fired project (Central Termica San Miguel de Tucuman, S.A., "CTSMT") located in the Republic of Argentina and plans to begin construction of a 20 MW wind project in Costa Rica in the spring of 1995. Charter Oak, through its wholly-owned subsidiary Charter Oak (Paris), Inc., pursuant to the permission granted by the Commission (HCAR. No. 24893), has an approximately 10% beneficial equity ownership interest in a 213 MW gas-fired operational qualifying cogeneration facility in Paris, Texas. On September 24, 1993, NU was granted permission (HCAR. No. 70-8084) to invest up to $7 million in Charter Oak for the purchase of an interest in two non-utility subsidiaries to own an interest in a foreign utility company, Encoe Partners. Encoe Partners is a general partnership formed for the sole purpose of building, owning and operating a power generating facility in the United Kingdom ("Power Plant") and acquiring a one-third interest in certain rights and obligations under a power contract. The Power Plant is 2.176 MW. It produces power by harnessing the pressure in the natural gas pipeline feeding the 1,875 MW Teesside Project in Teesside, Wilton, Cleveland, England. This transaction was completed by Charter Oak on the close of business on September 30, 1993 by acquiring interests in two non-utility subsidiary companies, COE (UK) Corp. and COE (GENCOE) Corp. At this time, none of the other projects Charter Oak is currently pursuing are sufficiently defined to move beyond the preliminary development stage and therefore are not contained in this report. (4) THE AMOUNTS OF RECOURSE AND NON-RECOURSE DEBT SECURITIES ISSUED TO THIRD PARTIES BY INTERMEDIATE COMPANIES: N.A. (5) REGULATORY STATUS OF FACILITIES ELIGIBLE FOR EXEMPTION AS A PUBLIC UTILITY UNDER THE ACT. On March 3, 1995, the Argentinian company ("CTSMT") filed a Form U-57 notifying the Commission of foreign utility company status. (6) INFORMATION ON INTERCOMPANY SERVICE TRANSACTIONS INVOLVING AFFILIATED INTERMEDIATE COMPANIES, EWGS AND FUCOs FOR THE QUARTER ENDING MARCH 31, 1995. Attached as Exhibit C. The aggregate amount of all guarantees issued by or for Charter Oak or any of its subsidiary companies for the quarter ending March 31, 1995 is approximately $60,000. SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, the undersigned company has duly caused this Certificate to be signed on its behalf by the undersigned thereunto duly authorized. Charter Oak Energy, Inc. /s/ Eugene G. Vertefeuille Principal Charter Oak Energy, Inc. P.O. Box 270 Hartford, CT 06141-0270 May 25, 1995 CHARTER OAK ENERGY, INC. AND SUBSIDIARIES Exhibit A CONSOLIDATED BALANCE SHEETS (UNAUDITED) --------------------------------------- March 31, --------------------------- 1995 1994 ------------ ------------ (Thousands of Dollars) ASSETS - ------ Utility Plant, at original cost: Electric $ 52 $ 52 Less: Accumulated provision for depreciation 46 43 ------------ ------------ Total net utility plant 6 9 ------------ ------------ Other Investments, at cost 15,419 6,634 ------------ ------------ Current Assets: Cash 479 1,565 Taxes receivable - 1,950 ------------ ------------ 479 3,515 ------------ ------------ Deferred Charges: Accumulated deferred income taxes 690 399 Deferred development costs 2,641 3,587 Other 795 573 ------------ ------------ 4,126 4,559 ------------ ------------ Total Assets $ 20,030 $ 14,717 ============ ============ CAPITALIZATION AND LIABILITIES - ------------------------------ Capitalization: Common stock $ - $ - Capital surplus, paid in 31,367 22,958 Retained earnings (12,859) (8,780) ------------ ------------ Total capitalization 18,508 14,178 ------------ ------------ Minority interest in common equity of subsidiaries 60 27 ------------ ------------ Current Liabilities: Accounts payable 555 259 Accounts payable to affiliated companies 374 165 Taxes accrued 375 62 Other 158 26 ------------ ------------ 1,462 512 ------------ ------------ Total Capitalization and Liabilities $ 20,030 $ 14,717 ============ ============ EXHIBIT B CHARTER OAK ENERGY, INC. AND SUBSIDIARIES ----------------------------------------- CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) --------------------------------------------- Three Months Ended March 31, --------------------------- 1995 1994 ------------ ------------ (Thousands of Dollars) Operating Revenues $ - $ - ------------ ------------ Operating Expenses: Operation and maintenance 1,254 1,638 Depreciation 165 232 Federal and state income taxes (634) (759) Taxes other than income taxes 5 6 ------------ ------------ Total operating expenses 790 1,117 ------------ ------------ Operating Loss (790) (1,117) ------------ ------------ Other Income: Investment income 417 23 Other, net 5 27 ------------ ------------ Total other income 422 50 ------------ ------------ Loss before interest charges (368) (1,067) ------------ ------------ Interest Charges 2 1 ------------ ------------ Net Loss $ (370) $ (1,068) ============ ============ Charter Oak Energy and Subsidiaries Exhibit C Detail of Intercompany Services First Quarter Ending March 31, 1995 Charter Oak Energy
NON- Service Provided By-- Type of Services Provided-- PAYROLL PAYROLL TOTAL - ------------------------------------------------------------------------------------- Charter Oak staff 151,741 73,957 225,698 NUSCO Accounting and financial services 15,482 25 15,507 Legal services 4,041 3,887 7,928 Miscellaneous 1,738 393 2,131 --------------------------- Total NUSCO Services 173,002 78,262 251,264 --------------------------- Total Services Provided 173,002 78,262 251,264 =========================== COE Development Corp NON- Service Provided By-- Type of Services Provided-- PAYROLL PAYROLL TOTAL - ------------------------------------------------------------------------------------- Charter Oak staff 198,544 131,460 330,004 NUSCO Engineering services 38,021 4,273 42,294 Accounting and financial services 1,228 0 1,228 Miscellaneous 369 447 816 --------------------------- Total NUSCO Services 238,162 136,180 374,342 CL&P Engineering services 2,329 874 3,203 --------------------------- Total CL&P Services 2,329 874 3,203 WMECO Engineering services 625 22 647 --------------------------- Total WMECO Services 625 22 647 --------------------------- Total Services Provided 241,116 137,076 378,192 --------------------------- COE (UK) Corp. NON- Service Provided By-- Type of Services Provided-- PAYROLL PAYROLL TOTAL - ------------------------------------------------------------------------------------- Charter Oak staff 5,342 1,791 7,133 NUSCO Accounting and financial services 745 37 782 --------------------------- Total NUSCO Services 6,087 1,828 7,915 --------------------------- Total Services Provided 6,087 1,828 7,915 ---------------------------
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